The action by S.&P., which announced the downgrades after the stock market had closed, also covers the financial subsidiaries of the three automakers.

Chrysler's overall fourth-quarter revenue, including income from its financial subsidiary, was $9.69 billion, up 13.6 percent from last year's $8.53 billion.

The latest year's sales were adjusted to reflect accounting for consolidating both results of the operating company and its financial subsidiaries.

It is also responsible for the coordination of Holding's financial subsidiaries.

For many years, the CWS's financial subsidiaries were separately managed.

During the same decade a plethora of non-bank financial subsidiaries were set up by the group, the majority being located in Gabon.

So far, he has retained Sony's financial subsidiaries.

The number of consolidated companies is 165, including 90 manufacturing companies, 60 sales companies and 15 financial subsidiaries.

Assuming the 16.1 percent tax rate that G.E.'s financial subsidiary recently reported, the $300 million gain drops to $250 million.

But it placed only its corporate parent and two financial subsidiaries into Chapter 11, hoping to keep its operating units relatively untouched.